we also carry instructions, so this is a targeted solution, we closely monitor, supervise the situation in specific banks, there was no moratorium, but if situations arise when the bank does not correct its situation, either it is due to insufficient capital, or something like this ... with a large-scale passion for a dubious operation , we make these decisions, as for new reviews, we do not make forecasts of calls, these are the results of truly supervisory work, thank you, the next question is from kursk from anna korshinova, newspapers for each other, please, hello, anna kurshstvo, weekly for each other, the high key rate so far...

the decline in demand for goods that the population traditionally buys on credit has not had a significant impact. according to the results of january-february, record issuance of car loans was recorded. tell me, how does the bank of russia assess what is happening and why the transmission mechanism is not working yet? the transmission mechanism is working, and we see this, including...

support, support for car loans the willingness of dealers to sell cars, which sell off significant stocks that were imported before the increase in the recycling fee, so all these factors, of course, influenced the situation with car loans. colleagues, please, lena fabrichnaya. elenofactory agency reuters, is there already a final decision on the presidential decree on the mandatory sale of foreign currency earnings, which is valid until the end of april, will it be extended, and if so, by how long? i don't know about this, here's our position you know, i probably won’t won’t repeat it. colleagues, please, before light, second row. svetlana orlik

, ria novosti, please tell me, can we say that the peak of inflation in russia has passed, in early march you said that the issue of extending insurance protection to citizens’ funds in electronic wallets is being considered, please tell me, is it already there? are there any options for resolving this issue, for what amount, in the opinion of the bank of russia , it is advisable to extend insurance protection and options may be considered distribution.

as for the insurance of electronic wallets, we are now discussing what types of electronic wallets can be the subject of insurance; according to preliminary estimates , it is advisable to insure funds in electronic wallets that have been identified, because only in this case can the recipient of insurance protection be identified, the volumes... funds on such personalized wallets are higher than on anonymous ones, but nevertheless they are still small balances, yes, and we believe that the total insurance limit compensation, as for banks, is 1,400 rubles, it is more than enough to protect

client funds, so yes, after this situation, we believe that, in principle , it is advisable to extend protection.

will the exchange of blocked investors' assets affect the ruble exchange rate, if so, how? thank you very much, regarding consolidation in the banking sector, what effects could there be, but we believe that this will increase competition, among the largest banks, the largest banks, so they...

thank you, the next question is online from denis yalokhovsky, the compound interest project , please, denis, please, your question , one, two, yes, okay, thank you very much,

literally two questions, inflation expectations, the first question, they remain unannounced, why everyone, even the analysts interviewed by the bank of russia for their macro forecast, they expect that... at the end of the year , inflation will be 5.2%, that is, 7 - 7% points higher than the upper limit of the current forecast of the central bank, the expectations of the enterprise, especially since the population is much higher, what are the reasons, in what do you see as the reasons that despite this the fact that the central bank targets price inflation will already be 10 years old in the fall, since inflation expectations still remain unanchored and is considering some new measures for the bank of russia for instruments for their second declaration. question about the exchange of blocked assets, from monday the collection of applications from russian investors who want to take part in this program begins, it is supported by the ministry of finance, the central bank, but on the other hand, from, say, western depositories and regulators of depositories accountable to them, there is no

readiness to officially, at least support this procedure was not publicly declared, how realistic is this procedure for exchanging assets from your point of view, thank you. indeed, inflation expectations are unanchored, this is a matter for us... the concern, let’s say, is not only their elevated level, but also their unanchoredness, the fact that they are now high and not anchored is a consequence of really high inflation and a long-term deviation of inflation from the target, and what measures can there be, the only measure is to reduce inflation, confidently reducing inflation close to our goal and maintaining it. at this level, we said earlier, in order to anchor inflation expectations, it is necessary,

firstly, for inflation to be close to targets for a long time, and secondly, for market participants to have experience when they understand that despite the fact that for external reasons, for obvious reasons, when inflation begins to accelerate, the central bank pursues a policy to reduce it to the target, this is the most important thing, but at the same time i would like to note that...

we also said from the very beginning that we are creating opportunities for such an unlocking of assets, but this is a voluntary process, both on the part of residents and non-residents, therefore the trading rules provide for two scenarios: when the trades took place, when the trades did not take place, the withdrawal of securities from their accounts. ..

of the arbitration court of the perm territory on the confiscation of shares from private investors, and we are talking about shares of the slikamsky magnesium plant, and they confiscated securities that investors bought on the stock exchange, that is, it seems like this is in good faith acquisition, but does the central bank see this as a problem, does it see the need to create an additional mechanism to protect private investors in such a situation, and if they do, what kind of protection mechanism can we talk about? the second question concerns qiwibank, if the bank of russia has any financial claims against

the former owners of the bank, and if so, to whom exactly and what is the size of these claims? thank you, regarding precedents for the seizure of shares from minority shareholders who were acquired at organized auctions, we are of course concerned about this situation. because this is a very important factor that affects the trust of retail investors in the stock market, if we want to attract resources for development, including using the opportunities of the capital market, of course maintaining this trust is super important, this situation worries us, we will see what else we can do here from a point of view, first of all from a point of view.

in the event of a bank bankruptcy, it is possible to bring the owners to subsidiary liability, you know, we took advantage of such opportunities. at kivetse.

therefore we proceed from the fact that all available obligations will be fulfilled. colleagues, please, your questions. ivan, second row, and ivan shlygin, fomagru. two questions related to the president’s order, the first is about preferential mortgages, because the president paid attention to the fact that the preferential mortgage program will continue. it’s interesting how, in such conditions, the central bank will be able to set up a preferential mortgage program so that it does not negatively affect the growth rate of mortgages, this is the first question, the second question regarding the president’s instructions regarding doubling the stock market, how this can be done, due to what, what might be meant here. thank

you very much, thank you, regarding preferential mortgages, our position is that... that wide non-targeted programs, one broad non-targeted program, it should expire in the summer and not be renewed, we have always supported targeted programs, including family mortgages, we, but the prerogative here is with the government, how these preferential programs will be designed, we will take these decisions into account as a whole when deciding on key. rates, but we do not look at each market separately, yes, it is generally important to us how lending volumes affect our ability to achieve inflation goals, is there anything else to add? well, probably, the important message remains that it is important for us that

there is sensitivity in the growth rate of lending and attractiveness. loan to changes in our key rate, changes in our monetary policy, therefore, of course, such programs that set a predetermined rate level for the final user, they must have a limited volume, because otherwise the sensitivity of the loan to our policy is reduced, as for the increase in the russian stock market, i believe that this is not only possible, it is simply necessary, because we now have...

the volumes of the bond market and the stock market, the volume of the corporate bond market is now more than 20 three 3 trillion, the capitalization of the stock market is more than 60 trillion rubles, last year there were 12 placements, ipos, spos, in fact this is the most a high indicator for the domestic market over the past decades, so we see that there is such interest and... we expect that this process will be supported by many programs, including benefit programs for high-tech companies, fast-growing high-tech companies from the sme sector, it is expected there support measures for

subsidizing entry into the stock exchange, grants to small innovative companies... and the next question from st. petersburg from tatyana trendzyuk, tt finance online portal, please, tatyana, please, yours, yes,

colleagues, i lost my temper, please, questions from the audience, yes, yes, please, tatyana, second row, good afternoon, you said that the dynamics. imports remain elevated, what are your expectations for march in the following months and can we say that the effect of the conditional strengthening of sanctions restrictions was not as significant as the expectations were in january-february. i would also like to clarify the discrepancies between the statistics of the central bank and the federal customs service, in the balance of payments the estimates differ from the data, for example, from the federal customs service for january, what explains this discrepancy? question from tatiana yadovina? thank you, as for imports, the dynamics of imports are influenced by various factors, including logistical

difficulties, difficulties with payments that exist, sanctions, of course, in our opinion, the dynamics of imports are significantly influenced by increased domestic demand, that is, ruble demand on imports, and - now we see that the key rate in this part also... works, imports have stabilized, but the effects will manifest themselves further, alexey borisovich, in terms of imports there is a similarity, if we talk about import levels, then he if i i remember correctly, even slightly lower than it was in the first half of last year, that is , we are talking about the fact that it has decreased at this level and is currently holding, so we do not characterize it as increased, yes, but...

the massive preferential mortgage program ends on july 1. the bank of russia has repeatedly stated that it is in favor of more targeted terms of the program. tell me, does the central bank have an opinion on what exactly the preferential mortgage should be, who it will be aimed at first, and what in your opinion, in general? will lending be consistent after july 1? we really advocate targeted programs of preferential mortgages, mortgages with... support, in our opinion, should extend to people who need help in financing the purchase of a home, based on general socio-economic goals

or within the framework of development programs for individual regions, for example, the family mortgage program that we support helps families with children purchase apartments, helps solve the demographic problem, but in general the conditions for preferential programs are determined by the government. there is an interdepartmental working group that works within the framework of the state duma, discussions are currently underway on what interest rate subsidy programs should look like, we are participating in this discussion, when some decisions are developed, we will certainly talk about it, and we expect that indeed, such a transition from addressless to targeted programs will lead to a more balanced one.

weather at 7 dash 12%, these are not small numbers, especially considering that the mortgage the portfolio has grown rapidly recently, already from a fairly high base; in 2025-26, in our opinion , the mortgage market should reach an equilibrium growth rate, this is somewhere around 10-15%, taking into account all the new government support programs. thank you, colleagues, please, your questions, evgeny, and good afternoon, evgeny grachev, izvestia newspaper, you noted that due to income growth , the population can already simultaneously increase consumption savings, and at the same time, despite the high level of interest rates, banks gradually begin to adjust return on deposits, and as the rhetoric softens, this trend will intensify, but do you see this as a threat to achieving

the goal of increasing the inflow of funds? decline, if not now, then in the medium term, and how does this factor influence decision-making on monetary policy? the second question is that banks’ licenses are now being revoked due to participation in high-risk operations. it is also known that the central bank sent letters of recommendation to banks on issues of control over transfers. what recommendations were made by the bank in this part and how does the central bank bank, for its part, plan to influence the fight against gray payment traffic that could overwhelm the check bank? is a new initiative possible here? thank you. to the first question, i will ask. tebarish , answer, thank you very much for the question, it is indeed very important, the saving behavior of the population, including their willingness to save part of their income in the form of additional deposits, is an important indicator that we monitor when assessing the degree of tightness of monetary conditions, and short answer:

is that we will monitor this indicator, and of course, if there is a feeling that due to rising inflation expectations, or due to the persistence of inflation expectations at a high level, or due to some other factors, savings behavior becomes less pronounced, then this will be an obstacle to easing monetary policy, with regard to recommendations for transfers. this is due to our work to combat suspicious, dubious transactions, and we have seen lately that this has really increased, despite to a general reduction in the volume of dubious transactions, and the role of such a channel as p2p transfers in these dubious transactions, payments, has increased, in connection with this , recommendations were sent to banks on what they should do, how to identify these payments, what

work to carry out. we will analyze how it is carried out and, if necessary , take additional measures. i must say that of course, this market of dubious transactions, it is quite mobile, crosses from one form to another, so we analyze the entire financial market in order to promptly block such channels. colleagues, please, the next question is online, and from. anna, anna, can you hear us? the dnieper gas was hit, the station was put out of action. today , the russian military carried out retaliatory strikes against energy facilities and places of deployment of the armed forces of ukraine, as reported by the ministry of defense. there are dead and injured in the belgorod region again under

fire from the ukrainian armed forces, medical facilities have been damaged. and residential buildings, our correspondent will tell you what the situation is in the region by this hour. inflationary pressure is gradually weakening, but still remains high; the board of directors of the bank of russia has maintained the key rate at 16% per annum. what were the main statements made by the chairman of the central bank, ilverna biulina, at the press conference? vladimir putin awarded prizes in the field of literature and art for children's and youth works to three laureates. who are they and why were they awarded the prize? we'll tell you in the release. the period of sunny weather in the center of russia is coming to an end. how will this affect the temperature regime? we will find out the weather situation in other regions of the country in our section.